NCEA Level 1 Accounting (90978) 2011 — page 1 of 7
Assessment Schedule – 2011
Accounting: Prepare financial statements for sole proprietors (90978)
Evidence Statement
Question
Evidence statement
ONE
Deidre’s Dry Cleaning
Income Statement for the year ended 31 March 2011
$
$
$
Revenue
Dry cleaning fees
198 700 E
Rent received
10 000 M
208 700
Less expenses
Dry-cleaning expenses
Advertising
Dry-cleaning electricity
820 M
4 800 V
Dry-cleaning wages
90 300 M
Dry cleaning supplies used
48 000 V
Depreciation on dry-cleaning machinery
4 000 E
Insurance
6 150
154 070
E
Administrative expenses
Insurance
2 050
Office electricity
600 V
Office expenses
4 850 V
Depreciation on building
Depreciation on office equipment
3 600 M*
1 800 E
12 900
Finance costs
Interest on loan
Interest on mortgage
400 V
6 000 V
Total expenses
Profit for the year
Notes for Assessors:
V
correct stem (no abbreviations) and figure, correctly classified
V*
appropriate stem, correct process
6 400
1 73 370
35 330 V*
NCEA Level 1 Accounting (90978) 2011 — Page 2 of 7
M
correct figure, correctly classified and correct stem (award V if number incorrect but still
correctly classified and correct stem) M* accept depreciation on building as dry-cleaning
expense
E
correctly calculated figure, correctly classified and correct stem (award V if number incorrect but
still correctly classified and correct stem)
F
foreign item
Judgement Statement
N1
3V/M/E
N2
5V/M/E
A3
7V/M/E
N0/ = No response; no relevant evidence.
A4
M5
M6
E7
E8
9 V/M/E
10
V/M/E
inc 3 M / E
11
V/M/E
inc 4 M / E
13
V/M/E
inc 3 E and
3 M/E
15
V/M/E
inc 4 E and
3M
max 2 F
max 1 F
no F
no F
NCEA Level 1 Accounting (90978) 2011 — Page 3 of 7
Question
Evidence statement
TWO
Deidre’s Dry Cleaning
Statement of Financial Position as at 31 March 2011
$
$
$
Current assets
Bank
5 200 V
Dry-cleaning supplies on hand
3 200 V
Accounts receivable
805 E
Prepayments
320 M
9 525
Non-current assets
Intangible assets
Goodwill
Property plant and equipment
10 000 V
122 100 Vf
132 100
141 625
Total assets
Less liabilities
Current liabilities
GST payable
7 075 E
Accrued expenses
300 M
Income in advance
400 M
Non-current liabilities
7 775
NCEA Level 1 Accounting (90978) 2011 — Page 4 of 7
Loan (due 2015)
20 000 V
Mortgage
90 000 V
110 000
Total liabilities
117 775
Net assets
$23 850
Equity
Capital
36 520 V
(Plus) profit (for year)
35 330 Vf
(Less) drawings
48 000 V
$23 850 V*
V
correct stem (no abbreviations) and figure, correctly classified
Vf
transferring PPE total from table or transferring profit from Question One
V*
for correct process
M
correct figure, correctly classified and correct stem (award V if number incorrect but still
correctly classified and correct stem)
E
correctly calculated figure, correctly classified and correct stem (award V if number
incorrect but still correctly classified and correct stem)
F
foreign item
Note to the Statement of Financial Position 1. Property, Plant and Equipment
Building
Dry-cleaning
machinery
Cost V
120 000
50 000
Accumulated
depreciation V
33 600 M
Carrying amount V
86 400
26 000 E
24 000
Office
equipment
18 000
6 300 E
11 700
Total
188 000
V*
65 900
122 100
Vf
Depreciation is calculated on a straight-line basis at the following rates: Building: $3 600 per year
Dry-cleaning machinery: V is based on a residual value of $6 000 and a useful life of 11 years
Office equipment: 10 % V
NCEA Level 1 Accounting (90978) 2011 — Page 5 of 7
Notes for Assessors:
V
correct wording
V*
for correct figures
Vf
for correct process
M
correct figure
E
correct figure
F
foreign item
Judgement Statement
N1
8V/M/E
N2
10 V / M / E
A3
14 V / M / E
N0/ = No response; no relevant evidence.
A4
M5
M6
E7
E8
17 V / M / E
18
V/M/E
inc
3M/E
20
V/M/E
inc
4M/E
22
V/M/E
inc
3E
24
V/M/E
inc
4E
max 2 F
max 1 F
no F
no F
NCEA Level 1 Accounting (90978) 2011 — Page 6 of 7
Question
Evidence statement
THREE
Deidre’s Dry Cleaning
Cash Budget for the month ended 30 September 2011
Estimated cash receipts
(Dry-cleaning) fees
Rent
Accounts receivable
14 200 V
800 VC
80 V
Total estimated cash receipts
15 080
Estimated cash payments
Electricity
Accounts payable
Interest
300 V
3 190 V
300 V
Drawings
3 600 VC
(Dry-cleaners’) Wages
2 400 VC
(Office) Stationery
48 V
9 838
Total estimated cash payments
Surplus of cash
Opening bank balance
Closing bank balance
5 242
820
C*
6 062
V
correct stem (and correct figure if no C), correctly classified
C
correct figure if correctly classified
C*
correct processing over all 3 areas (surplus or deficit circled); opening bank balance and closing
bank balance)
F
foreign item,
Award VV for Fees / Cash from customers 14 280
NCEA Level 1 Accounting (90978) 2011 — Page 7 of 7
Judgement Statement
N1
2V
N2
3V
N0/ = No response; no relevant evidence.
A3
5V
A4
6V
M5
M6
E7
E8
7V
plus 1 C
7V
plus 2 C
8V
plus 3 C
inc C*
9V
plus 4 C
max 1 F
max 1 F
no F
no F